The Indian Hotels Company (INDHOTEL) Q4 25/26 earnings summary

Executive summary

• Achieved record financial performance for the sixteenth consecutive quarter and FY26, with double-digit revenue and profit growth despite macroeconomic and geopolitical headwinds.

• Expanded portfolio to over 1,000 units, including 630+ hotels, 375+ amã Villas, and a robust pipeline, reinforcing leadership in luxury and midscale segments.

• Strengthened balance sheet with over ₹4,300 Cr in cash and upgraded to AAA (Stable) by ICRA.

• Major acquisitions included 51% stakes in ANK Hotels, Pride Hospitality, Sparsh Infratech, and strategic acquisitions of Brij and Atmantan, expanding the subsidiary base and wellness offerings.

• Maintained resilience amid macroeconomic headwinds, focusing on diversification by brand, contract type, and geography, with a capital-light growth strategy and digital transformation.

Financial highlights

• FY26 consolidated revenue rose 16% YoY to ₹9,971 Cr; EBITDA up 16% to ₹3,477 Cr (34.9% margin); PAT before exceptionals up 15% to ₹1,849 Cr; PAT crossed ₹2,000 Cr for the first time.

• Q4 FY26 consolidated revenue grew 14% YoY to ₹2,845 Cr; EBITDA up 15% YoY to ₹1,052 Cr (37% margin); PAT before exceptionals up 14% YoY to ₹600 Cr.

• Standalone FY26 revenue up 10% YoY to ₹5,640 Cr; EBITDA up 13% YoY to ₹2,543 Cr (45.1% margin); PAT up 14% YoY to ₹1,632 Cr.

• New businesses vertical delivered 25% growth, with consolidated revenue of ₹753 Cr and a 31% CAGR over four years.

• Free cash flow at ₹1,450 Cr, representing 75% of PAT (BEI).

Outlook and guidance

• Confident of delivering double-digit revenue growth (12%-14%) in FY27, with sustained margins and strong cash generation.

• Plans for 60+ hotel openings and 5,000 keys across brands and geographies in FY27.

• Capex guidance for FY27 set at ₹1,100–1,300 Cr, focused on renovations and new builds.

• Recent acquisitions expected to contribute over ₹250 Cr in incremental revenue.

• Industry fundamentals remain favorable, with resilient domestic demand and limited new supply.